Inland American Acquires Quebec Square Shopping Center in Denver

Strategic Insights -

Inland American Real Estate Trust, Inc. has made a significant move in the retail market by acquiring the 207,561-square-foot Quebec Square shopping center located in Denver, Colorado. The property was purchased for $52.25 million, with a high occupancy rate of 97%. The center is shadow-anchored by a Walmart Super Center and Sam's Club, and features a diverse tenant lineup including PetSmart, Ross Dress for Less, Office Depot, Party City, and Big 5 Sports.

Key Takeaways:

  • Inland American Real Estate Trust, Inc. has acquired the 207,561-square-foot Quebec Square shopping center in Denver, Colorado for $52.25 million.
  • The property is 97 percent occupied and features a diverse tenant lineup, including PetSmart, Ross Dress for Less, Office Depot, Party City, and Big 5 Sports.
  • Quebec Square is shadow-anchored by a Walmart Super Center and Sam's Club, and is situated in a highly trafficked area with over 65,000 vehicles passing by daily.
  • The shopping center is the primary retail destination in the area, with a population of 100,000 within a three-mile radius.
  • Inland American believes that the property is well-positioned for future growth, citing limited competing properties in the area and limited vacant land for future retail development.
  • The acquisition aligns with Inland American's long-term strategy of investing in multi-tenant, necessity-based retail properties.
  • Christopher Covey, senior vice president of transactions for Inland American, stated, "We believe Quebec Square is a dominant retail property with a solid national and regional tenant line-up, strong demographics and an ideal location."

Statistics:

  • The Quebec Square shopping center is 97 percent occupied.
  • The property features a tenant lineup including PetSmart, Ross Dress for Less, Office Depot, Party City, and Big 5 Sports.
  • Over 65,000 vehicles pass by the shopping center daily.
  • The population within a three-mile radius of Quebec Square is 100,000.
  • The property was purchased for $52.25 million.
  • As of September 30, 2014, Inland American owned 203 properties, representing approximately 23.5 million square feet of retail, industrial and office space, 8,318 student housing beds and 12,797 hotel rooms.

Sources:

  • Inland American press release, dated [no date specified], "Inland American Real Estate Trust, Inc. Announces Acquisition of Quebec Square Shopping Center in Denver, Colorado".
  • Inland American's Annual Report on Form 10-K, as filed with the SEC.
  • Inland American's Quarterly Report on Form 10-Q, as filed with the SEC.